Mentha oil July contract dropped Rs 5.4 and settled at Rs 693 a kg as profit booking continued to weigh on the trading sentiment. On July 5th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 776,951 kg of which 74,2416 kg is physical stock and 34,535 is the demat stock. The contract made intraday low of Rs 690.4 a kg and high of Rs 698 a kg with the volume of 2581 and total open interest for the same contact was at 4422. Now support for the menthol is seen at 689.6 and below could see a test of 686.2. Resistance is now likely to be seen at 697.2, a move above could see prices testing 701.4.

Trading Ideas:

Menthol Oil trading range is 686.1-701.

Mentha oil spot is at 770/-. Spot is up by Rs. 3/-.

Resistance for the mentha oil is at 697.20 and support is at 689.60.

Total stock of mentha at MCX warehouses at Chandausi was 776,951 kg as on July 5

Mentha oil ended weak as profit booking continued to weigh

SELL MENTHOL @ 696-698 SL 704.50 TGT 692.50-686-678.MCX